SENATE TARGETS IRAS AND BANKRUPTCIES

The Senate approved a bill Tuesday that protects most pension funds from creditors in bankruptcy cases but exempts individual retirement accounts.

Several senators said they're concerned that some business owners are "sacking away" a lot of money in their IRAs and then declaring bankruptcy.An individual can put only $2,000 a year into an IRA. But if someone leaves a business' pension fund, that person can keep any amount in an IRA temporarily.

Sen. Lane Beattie, R-Bountiful, said he's concerned that some business owners may do just that and have a lot of cash exempt from creditors at retirement time.